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oRD INANCE No . ~ ~ ~ BY: / ORDINt~NC~, TO PROVIDE FOH THE ISSUING OF NQT IN ANTICIPATION OF THE LEVY OF SPECIAL ASSESSMENTS AND IN ANTICI- PATIOAT OF- THE.. ISSUING OF BO~tD3 IN ANTICIPATION OF THE CQLLEt:`1I0~1 OF SPECIAL AS38SSD~ENTS FO$ THE Z~&OVE~fl OF CANTERBURY ROAD, FROM LORAIi~J RC?AD - tyORTH, TO THE NORTHERLY LINE OF THE COE RIDGF, INVT~STMB~t't CO. _ 2~.~.9.05 F~;~;'1' r~ROM LORAIN BY CONSTRUCTING THEREIN A WATER 1~AIN. WHEREQ,S, the Council of the Village of forth Olmsted has hereto- fore,. by proper le islatian, declared the necessity of iffiprovi Canterbux~ Road, from Lorain sd - North, tp the Northerly Line of the Cve ridge Investment Co. 2l,.1~.9.05 feet from Lorain, by constructing therein a water main, seed WH]~EAS, this Council contemplates the use of X27,000.00 for the purpose of paying .the portion of said improvement,.which is to be paid by assessments; now, therefore, BE IT ORDAINED BY ~'HE COUNCIL OF THE VILLAGE OF NORTH OLMSTED STATE OF OHIO:. ~ Section 1. That it is hereby declared necessary to issue bonds of the Village of North Olmsted in the principal sum of X27,000,00 for the purpose of raising money in anticipation of the collection of special assessments for the improvement of Canterbury Road from Lorain Road - north= to the northerly line of the Coe Ridge Investment Geo. 2449.05 feet from Lorain, by constructing therein a water main. Section 2. That said bonds shall be of the denominati on of X1000.00 each; shall be dated September 1, 1952, and shall bear interest at the rate of not to exceed four (4} per cent per annum, payable semi- annually, on the first days of April and October of each year, until tie principal sum is paid, and shall mature in ten annual installments after their issuance. Section 3. That for the purpose of raising money in anticipation of the levy of special assessments and in anticipation of the issuance of bonds in anticipation of the collection of special assessments for the improvement of the above named street by constructing therein a meter main in accordance with the legislation heretofore passed by the Village Council with respect thereto to pay the property owners' share of the cost and expense of said respective improvement, it is hereby declared necessary to issue and there shall be issued, note or notes of the Village of Dior'th Olmsted in the. sum of $27,000.00, which shall be placed to the credit of the Canterbury Road Water Improvement Fund in the amount of X27,000.00. Section 4. That such anticipatory note or notes in the amount aforesaid shall be issued bearing interest at the rate of three and one-half ~ per cent (3-1/2~) per annum, payable at the maturity of said note or notes; said mote or notes shall be dated September 1, 1951, and shall mature on Augo$t 31, 1952; such note or notes shall be executed and delivered in such manner and such denominations as may be requested by the purchaser of said note yr notes. Section 5. Said note or notes shall be executed by the Mayor and the Village Clerk.; shall bear the seal of the corporation; t~iey shall be payable at the office of the Bank of Berea Coffipany, North Olmsted branch, in the Village of North Olmsted, Ohio; they ahall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance..